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U.S. Treasury Secretary predicts Strait of Hormuz will become irrelevant

U.S. Treasury Secretary Scott Bessent stated that the Strait of Hormuz will never return to its former status because Iran has attempted to use it as a choke point. Bessent predicted that over the next two years, the strait will become irrelevant and "just another maritime route." He estimated that 50% to 70% of energy currently passing through the strait will be transported via underground pipelines in the future.